There are a number of publicly traded companies that have lashed their fates to bitcoin. For the first three months of 2021, that seemed like a laser-eyed, diamond-handed, genius move.
Over the last three months, it’s been less so.
Most prominent is Coinbase Global Inc., one of the biggest crypto exchanges in the world. The company went public on April 14–the same day bitcoin’s price peaked, according to CoinDesk. Since then, however, both Coinbase’s stock and the price of bitcoin have been falling.
Coinbase traded as high as $429.54 on its first day and hasn’t seen that level since. On Tuesday, it was trading at $219.08, down 49% from its high. That tracks bitcoin’s price–which is down roughly the same amount–almost perfectly.
Another company is MicroStrategy, which makes business software but since last year has bought billions worth of bitcoin, consciously making its stock essentially a bet on the cryptocurrency’s…